India’s largest Housing Finance company LIC Housing Finance Limited had revised its Public Deposit scheme ” SANCHAY PUBLIC DEPOSIT SCHEME ” Interest rates from 07/05/2020.
1. Scheme type: Monthly Interest Payment Option is applicable only on Non-Cumulative Deposits.
2. Minimum Deposit: Rs. 2,00,000/-, Additional Deposit: In multiples of Rs. 10,000/-
3. Payment Date of Interest: Interest will be paid on 1st day of the Month & on 31st March for the month of March. For new deposits processed before 15th of the month, broken period interest will be paid on 1st day of the next month. For new deposits processed after 15th of the month, interest will be paid on 1st day of the second interest cycle on a pro-rata basis.
LIC Housing Finance Limited had revised the rate of interest on Public & Corporate Deposits, with effect from 07.05.2020. The new Interest rates are as follows:
Rate of interest applicable to Public Deposit (Resident / Non-Resident Individuals, Co-Operative Societies, Association of Persons, Partnership firm, HUF, Trusts) up to Rs. 20 Crores and above Rs. 20 Crores w.e.f. 07/05/2020
Senior Citizens: Additional interest @0.25% p.a. (for deposits up to Rs. 20 crores on all tenors). No Senior citizen benefit on deposit of above Rs. 20 crores.
1. Revised Minimum Deposit: Rs. 20,000/-, Additional Deposit: In multiples of Rs. 1,000/-
2. Interest is payable annually on 31st March for the non-cumulative scheme.
3. Interest is compounded annually for the cumulative scheme.